A local shoe making firm purchase leather for $500, thread for $100 and other materials for $200. Tł produced 10 pairs of shoes and sold in the market at the price $200 per pair. What is the total contri to GDP?

Q: Calculate Nominal GDP if  Real GDP is 2700, GDP Deflator is 70 and the price of nutmeg is $10 and…

A: Real GDP can be calculated by using the following formula.

Q: In the United States in 2002, the GDP price index was 89..5 and nomial GDP was 10978 billion  What…

A: GDP  price index for 2002 = 89.5Nominal GDP in 2002 = 10978 millionReal GDP in 2002 = Nominal GDP in…

Q: Many years ago, Peggy paid $500 to put together a record collection. Today, she sold her albums at a…

A: Gross domestic product (GDP) is the monetary value of all final goods and services produced in an…

Q: A farmer sells wheat to a baker for $2. The baker uses the wheat to make bread, which is sold for…

A: Intermediate goods are the goods used to create another product. Intermediate goods are inputs in…

Q: John pays $1500 to Auto Body Shop to repair- his old car. Included in GDP.

A: Answer is given below

Q: 1. Farmer Brown produces $100 worth of milk. He sells $40 worth of the milk in the market and uses…

A: GDP is also known as gross domestic product. It is the sum total of all the final goods and…

Q: Arthur sells $100 worth of cotton to Bob. Bob turns the cotton Into cloth, which he sells to Camille…

A: In an economy, value added method is one of the way to compute the overal income or contribution of…

Q: PROBLEMS AND APPLICATIONS 1. What components of GDP (if any) would each of the following…

A: Hi, thank you for the question. As per our Honor code, we can attempt only one question. If you want…

Q: For each of the following transactions, determine the contribution to the current year's GDP a) On…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Many years ago, Sophie paid $500 to put together arecord collection. Today, she sold her albums at a…

A: Meaning of GDP (Gross Domestic Product): The Gross domestic product at current price is the market…

Q: Q.2. John a farmer sells tomatoes to Joseph the tomato sauce manufacturer for K350 . Joseph makes…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: (a) Two years ago you bought a used car for $1,000 and spent $5,000 on parts for improving it.…

A: "Since you have asked multiple question,we will solve first question for you.If yo want specific…

Q: A Texas oil company extracts petroleum and sells it to a refinery for $10,000. After processing, the…

A: GDP: It means the value of finished goods and services in terms of money produced in a country…

Q: Susan sells a house built sever of the sale price to her real est transaction add to GDP? Enter a…

A: Given Information: House price (sells) = $2,98,333 Pays to real estate agent = 5%  This transaction…

Q: Last year, a small nation with abundant forests cut down $200 worth of trees. It then turned $100…

A:

Q: 23. Which of the following would be considered a final good or service in the calculation of GDP?…

A: GDP stands for Gross Domestic Product. It is the market value of all final goods and services…

Q: If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for pepperoni and sells the pizza made with…

A: Gross Domestic Product is the final value of all goods and services produced in the economy during a…

Q: a. Calculate GDP as the value added in production. b. Calculate GDP as spending on final goods and…

A: Gross domestic product (GDP) is the standard proportion of the worth added made through the…

Q: If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is: 12.5. 125.

A: GDP Deflator measure of the level of prices of all new, domestically produced, final goods and…

Q: Define gross national income (GNI)?

A: There are many factors to measure the economic growth and development of a country. Gross national…

Q: The truck manufacturer purchased $8,000 in intermediate goods produced this year by domestic firms…

A: Gross domestic product or income refers to the total market value of goods and services produced…

Q: Explain gross national income (GNI)?

A: Gross National Income (GNI) is a widely used macroeconomic indicator. This data is often considered…

Q: Following are the Value added of different stages of bread production. Calculate the GDP.   Stage…

A: In an economy, the cost of input will be the market value of that input and the sum of the value…

Q: a) On January 1, you buy 10 gallons of petrol at GHC 15 per gallon. The filling station purchased…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Calculate the value of the GDP deflator in 2004. a. 113 b. 116 c. 119 d. 120 *base year is 2003

A: The formula for GDP deflator  GDP deflator =Nominal GDPReal GDP×100 Base year is 2003 We have to…

Q: Explain difference between GDP and GNP.

A: GDP is the abbreviation of Gross Domestic Product. GNP is the abbreviation of Gross National…

Q: Which contributes more to GDP—the production of aneconomy car or the production of a luxury car?…

A: GDP includes the final value of all goods and services produced in an economy during a given period…

Q: (a) Which of the following are included and which are excluded in calculating this year's GDP?…

A: GDP refers to the final value of goods and services in an economy produced in an economy during a…

Q: What components of GDP does Ford selling a Mustang from its inventory affect?

A: Gross Domestic Product (GDP): The total amount of final values of goods and services that are…

Q: Suppose a country makes only bread and fish. They make 10 bread for $5 per bread and 20 fish for $2…

A: Output is the amount, either utilized or employed for more manufacturing, of products or services…

Q: What is the nominal gdp and the value added of service sector?

A: Gross Domestic Product (GDP) is defined as the value of all final goods and services that are…

Q: In 2013, Blackberry bought $100 million in parts in New York and $150 million in par Ontario to…

A: In 2013, Blackberry bought $150 million in parts in Ontario to produce $600 million worth of phones…

Q: A car manufacturing company produces a $20,000 car using $16,000 worth of components and$4,000 worth…

A: GDP is the gross domestic product of an economy, that calculates the total value of all final goods…

Q: Calculate GNP at MP if:- GDP at MP = $5500 Net factor income from abroad = $2200

A: The data presented in the question above:- GDP at MP = $5500   Net factor income from abroad = $2200…

Q: A firm manufactured a computer hard desk and keyboard and sell to a computer manufacturing firm for…

A: Contribution to GDP is the final added value. It is the monetary value of final added goods and…

Q: What is Gross National Income and give some examples

A: Gross national income is the sum of GDP and net factor income.

Q: One bag of oranges is sold for $6.00 to a company that turns them into juice which is sold to…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: Gross Domestic Product  If nominal GDP in 1975 was $1699.9 billion and the GDP deflator (price…

A: The real GDP is the market value of all final goods and services produced in an economy during an…

Q: Calculate GDP using the information in the table below: SBillions Durable goods 250 Nonresident…

A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…

Q: A car air conditioning system to be inserted in new cars was manufactured in 2019 and sold to the…

A: GDP refers to the gross domestic product which measures the monetary value of all final goods and…

Q: Suppose a Farmer produces wheat and sells it for $2,000 to flour Mill. Flour Mill converts it flour…

A: Gross Domestic Product is the money related estimation of all finished goods and services made…

Q: GDP

A: Gross Domestic Product (GDP) measures the all-final goods and services’ value produced through-out a…

Q: iv. What is the GDP deflator? How is the GDP deflator calculated?

A: Hi! thank you for the question but as per the guidelines, we answer only one question at one time.…

Q: Given the following: consumption = 430, investment = 300, government expenditure = 150 and net…

A: Economy's GDP is calculated by = Consumption + Investment + Government expenditure + Net export

Q: Angus the sheep farmer sells wool to Barnaby theknitter for $20. Barnaby makes two sweaters, eachof…

A: Gross Domestic Product or GDP refers to the market value of all the final goods and services…

Q: A farmer grows a bushelof wheat and sells it to a miller for $1.00. The miller turns the wheat into…

A: The gross domestic product(GDP) refers to the market value of all the final commodities(goods and…

Q: A farmer grows a bushel of wheat and sells it to a miller for $1. The miller turns the wheat into…

A: Gross domestic product is the market value of all goods and services produced in the economy in a…

Q: What activity is not included in the GDP? Emily cooked some soup for the customers in the restaurant…

A: The abbreviation "GDP" refers to the "Gross Domestic Product," which is the total monetary value of…